The World Bank’s Board of Executive Directors approved financing for the Micro, Small and Medium Sized Enterprises (MSMEs) Competitiveness Project in the amount of $50 million. The project will help the country to reduce the regulatory burden, increase access to finance, enhance the export competitiveness of Moldovan enterprises, IPN reports, quoting a press release.

Areas of support include regulatory reform and business development, modernization of government services, tax administration, land registration, education, roads, health and social sectors, including the COVID-19 emergency response, agriculture, water and sanitation and energy.

“The MSME Competitiveness Project will continue the long-standing engagement of the World Bank Group with the Moldovan authorities in finance and private sector development issues that we have had over the last decade,” said Inguna Dobraja, World Bank Country Manager for Moldova.

The Project will benefit a broad range of private enterprises as well as public institutions. Firm beneficiaries of the Matching Grants Facility (MGF) will include new and prospective, direct and indirect exporters. The instrument will also benefit business development service providers. In addition, ODIMM will benefit from getting access to an experienced technical and operational team and capacity building activities that will help the institution acquire the necessary knowledge and expertise to implement the MGF. The Project will also benefit female-owned/female-managed firms, which are disproportionately less likely to export than male firms, as well as have more difficulty getting a loan.

Since Moldova joined the World Bank in 1992, over $1.3 billion has been allocated to more than 60 operations in the country. Currently, the World Bank portfolio includes 12 active projects with a total commitment of $638.1 million.